CFO OF THE YEAR

Patricia A. Gaul, Nonprofits-Arts & Culture

In theater, the roles of the backstage crew are just as important as those of the actors.

Similarly, Patricia A. Gaul’s efforts behind the scenes at Playhouse Square Foundation have played a key part over the last two decades in the nonprofit organization’s financial and legal direction.

“She’s been a great asset, not only as our CFO but as our in-house legal counsel,” said Art Falco, CEO of Playhouse Square. “Those traits are rare.”

As CFO of the Playhouse Square Foundation, Ms. Gaul has balanced the budget 19 years in a row.

According to the form nominating Ms. Gaul for the CFO of the Year awards, Playhouse Square is one of the few performing arts centers in the nation to remain in the black.

Because Playhouse Square’s business model is unique, no other CFO in the performing arts industry has faced the same challenges as Ms. Gaul, according to her nomination form.

“Although we’re a nonprofit, we really operate this company as a business,” Ms. Gaul said. “We’re unique because we’re more than a performing arts center. We have a real estate arm, too.”

The mission of the Playhouse Square Foundation, which was founded in 1973, is entertainment, education and area revitalization through economic development. The nonprofit organization has 110 full-time employees and 165 part-time workers.

Ms. Gaul joined the Playhouse Square Foundatio¬¬n as a controller in 1984 and since then has been promoted to her current position as vice president of finance/administration and general counsel.

During that time, Playhouse Square’s budget has grown from $8 million to $65 million last year.

Playhouse Square really began its rejuvenation in the early 1980s. Its evolution started with theater renovations, and it enhanced its real estate portfolio by buying up surrounding office buildings, building a parking garage and a hotel.

Ms. Gaul has managed financing for projects that have transformed the Playhouse Square district, including:

the renovation of the Allen, Hanna and 14th Street theaters.

developing the partnership between Playhouse Square and public broadcasting organization Ideastream to fund the Idea Center. Because of the collaboration, nearly $7 million in construction costs were saved in creating the center, which is home to Ideastream and Playhouse Square’s arts education programs.

the real estate expansion of Playhouse Square, including the acquisition of the Hanna and Bulkley buildings, construction of a $9 million Playhouse Square parking garage and construction of the Wyndham Cleveland at Playhouse Square hotel.

“It’s a complex organization, and managing it from a financial perspective is a huge responsibility,” Mr. Falco said. “Her role as we move forward will continue to grow on the business side.”

As Playhouse Square continues to shape the downtown Theatre District, Ms. Gaul said her goal is to continue developing creative financing packages that have made revitalization efforts possible.

“There are a number of projects we want to complete,” she said.

For example, Playhouse Square envisions the creation of a world-class district of consumer-product showrooms and design centers.

“My goals are to find the proper financial resources to make these projects feasible and to be involved with the legal work that needs to be done to make these plans occur,” Ms. Gaul said.

Ms. Gaul is a CPA and member of the Ohio Society of Certified Public Accountants. She also is a member of CFO Arts, a national organization comprised of CFOs that represent art and cultural organizations.

Ms. Gaul works for the Downtown Cleveland Alliance as a member of its finance and audit committee and as an audit committee member for The Greater Cleveland Partnership.

Prior to joining the Playhouse Square Foundation, Ms. Gaul worked in the offices of U.S. Sen. Edward Kennedy and former U.S. Sen. Bill Bradley.

She graduated from Georgetown University in 1980 with a degree in accounting and from Cleveland State University’s Cleveland-Marshall College of Law with a law degree.

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